Several Reasons Why Bitcoin Prices Dropped at the End of August
2024-08-29
Bittime - The decline in Bitcoin prices at the end of August 2024 was influenced by ETF output flows, geopolitical uncertainty, and possible market manipulation. Predictions show a potential Bitcoin price rally in late September after an accumulation phase.
Bitcoin Prices Drop at the End of August
Bitcoin prices have fallen again, which has an impact on the prices of many tokens in the crypto market. The price dropped from around $64,000 a few days ago to around $58,000.
Several Reasons Why Bitcoin Prices Drop
The following are several reasons why the price of bitcoin has fallen recently:
Situation During the War in Russia
Ash stated that during war, risky assets like Bitcoin are usually the first to be purchased. Drone attacks on Russia raise the possibility of a Russian-Ukrainian war.
ETF Output Flow
Yesterday, there was the highest daily outflow since August 6, 2024, reaching a price of $127 million for the Bitcoin ETF.
Market Manipulation
The S&P 500 and NASDAQ rose, but Bitcoin fell. Experts consider this a clear indication of market intervention.
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Bitcoin Price Prediction for September
Perhaps because many institutions are looking to accumulate more Bitcoin at prices between $50,000 and $65,000, some people appear to be trying to push down the price of Bitcoin.
When considering Bitcoin supply hitting new lows every day, the accumulation becomes even more apparent.
After this accumulation, Bitcoin price may break out and start a rally, which may occur around the end of September.
Conclusion
Some of the main causes of Bitcoin's price decline in late August 2024 include indications of market manipulation, large output flows from Bitcoin ETFs, and geopolitical uncertainty due to the conflict in Russia.
Despite the current price pressure, institutions may be able to accumulate Bitcoin at price levels between $50,000 and $65,000, opening the door for future price increases.
If accumulation continues, Bitcoin price may increase again and start a rally by the end of September 2024.
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